I review the recent literature that applies search-and-matching theory to the study of over-the-
counter financial markets. I formulate and solve a simple model to illustrate the typical …

In this article, we survey the literature that studies fixed-income trading rules and outcomes,
including Treasury securities, corporate and municipal bonds, and structured credit …

We extend Duffie et al.'s (2005) search-theoretic model of over-the-counter (OTC) asset
markets, allowing for a decentralized inter-dealer market with arbitrary heterogeneity in …

Core-periphery trading networks arise endogenously in over-the-counter markets as an
equilibrium balance between trade competition and inventory efficiency. A small number of …

Repo markets are an important first stage of monetary policy transmission. In the European
repo market, the majority of participants, including non-dealer banks and non-banks, do not …

In traditional over-the-counter markets, investors trade bilaterally through intermediaries. We
assess whether and how to shift trades on a centralized platform with trade-level data on the …

We study the effect of dealer exit on prices and quantities in a model of an over-the-counter
market featuring a core-periphery network with bilateral trading costs. The model is …

We show that larger trades incur lower trading costs in government bond markets (“size
discount”), but costs increase in trade size after controlling for client identity (“size penalty”) …

In intermediated markets, trading takes time and intermediaries extract rents. We estimate a
structural search-and-bargaining model to quantify these trading delays, intermediaries' …

We study the cross-sectional effects of Basel regulations on dealer intermediation in the US
corporate bond market. Using intra-quarter variation in the intensity of Basel regulatory …